The RUNE/USD pair finished at $2.6690, reaching a high of $2.6990 and a low of $2.5460. Yesterday, the price of THORChain increased significantly, with a volume of 28.47 million. However, the RUNE price remained positive for the second session in a row. It continued to rise on Tuesday, following the previous day’s bullish momentum.
THORChain Price Review
The current THORChain price is $2.83, and the 24-hour trading volume is $286. THORChain has increased by 11.33% in the previous 24 hours. CoinMarketCap now ranks #53 with a live market cap of $935 million. There are 330,688,061 RUNE coins in circulation, with a maximum supply of 500,000,000 RUNE coins.
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THORChain Set to Launch Terra’s Native Stablecoin and Thorfi
THORChain has announced plans to launch Terra’s native stablecoin and “Thorfi.” Thorfi advocates for both lending and borrowing. RUNE’s price recovered by more than 165 percent four weeks after the launch news, after testing its multi-month horizontal level support near $3.15. This news paved the way for RUNE to enter a bull trend in the future.
Moreover, a week before the Thorifi launch, the trading function for synthetic assets was launched by THORChain. Trading tokens backed by target cryptocurrency and RUNE in a 50:50 split was made possible using Synthetic Assets. The key to the new feature was the absence of a dependency on wrapped assets.
Release Date for the Ethereum Blockchain Boosts RUNE
The recent upward trend in the entire Defi token market that began upon the announcement of the release date for the Ethereum blockchain has been a significant factor in driving up the price of RUNE/USD on Tuesday.
Today, the price of RUNE/USD has seen a surge of about 11.09%, and the momentum looks like it will continue to favor the RUNE token.
THORChain Technical Levels
Support Resistance
2.324 2.848
1.981 3.029
1.800 3.372
Pivot Point: 2.505
Weaker US dollar Pushes RUNE/USD Higher
The US Dollar Index, which evaluates the dollar’s value against a basket of six major currencies, fell on Tuesday, raising the RUNE/USD exchange rates. The US dollar came under some pressure on Tuesday after experiencing an abrupt increase last week due to concerns about the state of the global economy and interest rate increases by central banks worldwide. DXY dropped below the 106.59 mark, which supported RUNE/day-long USD’s strength.
THORChain is ready to introduce support for Terra’s LUNA coin very soon. According to the team’s roadmap, one of the forthcoming enhancements is adding support for Terra. Since both Terra and THORChain were created using the Cosmos SDK, they are closely related.
RUNE has benefited as the THORChain team has increased the network’s usefulness. The RUNE price history might be viewed as unsteady, but the price always recovers when news outlet posts are discussing the launch or an update related to the THORChain platform.
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Source: https://insidebitcoins.com/news/rune-spikes-13-47-as-thorchain-is-set-to-launch-thorfi